Have a question to PMs in equities: am considering an established value MM vs an established SM.
MM total comp lower initially, but stronger curve in the long-term if the performance is strong obviously. It is not the typical trading platform with tight risk limits. All PMs follow a value-based strategy and everyone runs his own P&L.
Other option is a large SM with the typical analyst - PM structure, ie path to PM takes long time and total comp as an Analyst is stable across the cycle. I would not work for a "star PM" or even the founder I should note. The SM has the stronger brand but lower annualized return vs the MM.
My goal was always to work for an experienced senior PM / founder with a strong track record, but one cannot have it all I suppose.
What are your thoughts on either path and your own experiences?
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